Lawmakers must strengthen Social Security for future (letter)

Buffalo News ^ | 12/19/2004 | Louis L. Boehm

[Phantom Lord]

Lawmakers must strengthen Social Security for future

Social Security is the noblest of American concepts that uniquely defines who we are. The system is working for millions who would otherwise be destitute. Social Security has assets of $1.5 trillion in U.S. treasury bonds, which earn interest every year. Unfortunately, this is enough to encourage greedy politicians to dismantle it.

Far from being in immediate trouble, Social Security is our most successful government institution. According to AARP, without any changes, it can pay 100 percent benefits into the 2040s and 70 percent after that. Social Security needs to be strengthened, not changed, so that future generations can receive full benefits.

Recent announcements by President Bush indicate he may have plans to make radical alterations, exceeding modest recommendations from AARP. His plans could destroy Social Security as we know it, and plunge future millions into destitute dependency in their old age.

This administration needs to know that we expect this legacy to be nurtured and passed on to future generations, as it was given to us.

Louis L. Boehm

Orchard Park

[Phantom Lord]

Have at it. The first sentence alone is enough fodder for a 100+ reply thread.

[general_re]

Let us begin, then - I am setting the over/under on Louis's age at 60. Step up and place your bets, gentlemen.

[sinbad17]

"Social Security has assets of $1.5 trillion in U.S. treasury bonds,..."

I may be wrong but it is my understanding these bonds are worthless. They are strictly IOUs the Congress wrote to the fund when they spent the money. So where will the money come from to pay off these bonds. Maybe there should be a garnishments of all politician's retirement money who were involved in this.

[MosesKnows]

I may be wrong but it is my understanding these bonds are worthless.

You are not incorrect, but Louis L. Boehm sure is and one must wonder his motives for posting such misleading information. There is the possibility that he actual believes what he posted and has never bothered to examine the facts.

The IOUs are not worthless, they are backed by the unlimited power of Congress to directly tax American citizens at whatever rate they wish. However, that is a little misleading since Congress has that power whether there are IOUs or not. I stand corrected, the IOUs are worthless.

[Oztrich Boy]

"Social Security has assets of $1.5 trillion in U.S. treasury bonds,..."

Yep, Social Security has a promise the US Government will give it (or more correctly, try to find someone else able to give it) 1.5 Terabucks sometime in the future.